Iraq revealed plans to invest heavily in the oil and gas sector at a ceremony on Wednesday, in a bid to meet local energy needs and increase national revenue.
The Integrated National Energy Strategy will aim to increase the country’s output 157% by 2020 reaching 9 million barrels per day (mbd).
To raise the $6 trillion by 2030 Iraq will need to invest a total of $620 billion, according to the strategy.
The chairman of the prime minister’s advisory commission, Thamir Ghadhban, highlighted that oil revenues make 95% of the country’s budget.
Ghadhban, the former oil minister, said: “The strategic goals of the plan are to meet local energy needs, maximise government revenues, encourage economic diversification and improve the standard of living and create jobs.”
Iraq will look to rival oil giants Russia and Saudi Arabia hoping to pump 4.5 mbd by the end of next year, up from around 3.5 mbd now, in a country desperate for stability.